Insurers are paying $NZ3 million ($2.5 million) a day in residential claims settlements from the Canterbury earthquakes, according to the Insurance Council of New Zealand (ICNZ).

In total $NZ7.23 billion ($6.06 billion) has been paid, comprising $NZ2.36 billion ($1.98 billion) in residential claims and $NZ4.87 billion ($4.08 billion) in commercial claims.

More than $NZ500 million ($419 million) has been paid in the past three months, with $NZ300 million ($251.5 million) for residential claims.

Of the 173,000 residential properties with a claim to either the Earthquake Commission (EQC) or insurers, 23,000 have been confirmed as insurers’ responsibility.

Among the 23,000, 6200 have had claims resolved and 2600 are in the design or construction phase.

The remaining 14,000 have yet to decide on offers made by insurers or are in multi-unit properties and the most severely damaged areas.

About 3000 properties with more than $NZ80,000 ($67,060) of damage are still to be designated to the EQC or insurers; these include multi-unit dwellings, properties on which EQC and insurer estimates are being jointly reviewed and unassessed claims close to the $NZ100,000 ($83,825) cap for EQC cover.

Insurers have received 65,000 claims that fall outside the scope of EQC coverage because property other than a home is damaged.

The rebuild is progressing as quickly as possible, according to ICNZ CEO Tim Grafton.

“Everybody would wish it could be quicker,” he told insuranceNEWS.com.au. “But this is not a situation where you can run quickly past some major issues that need to be addressed.”

In multi-unit properties foundations may be wrecked, different apartments may have different damage and multiple insurers are involved, he says.

Insurers are holding public and one-on-one meetings to address residents’ concerns.

“There are people who are emotionally towards the end of their tether,” Mr Grafton said.

Insurers have had to wait for land to settle before rebuilding, he says. “Unlike a one-off major flood in Queensland, where waters rise and recede over a week or 10 days, in Christchurch we’ve had 11,000 earthquakes over two-and-a-half years.”

Tremors are still being felt, most notably a magnitude-4.2 aftershock which hit Canterbury a fortnight ago.

The quake was “sharp, but nuisance value rather than damage”, GNS Science seismologist Martin Reyners told insuranceNEWS.com.au. “It’s within the range we would expect at this time.”

GNS Science says there is a 63% probability of a magnitude-five to 5.4 quake in Canterbury in the next year and a 25% chance of a magnitude-5.5 to 5.9 event. It gives a 1% chance of a magnitude-seven to 7.9 earthquake in the next year.